On Sunday, Bitcoin’s (BTC) spot price jumped 9.5%, increasing from approximately $84,100 to over $94,000 after former President Donald Trump designated BTC and four other cryptocurrencies – ETH, XRP, SOL, and ADA – for use in the U.S. strategic crypto reserve.
This surge resulted in a gap-up opening for the March futures on the CME, as indicated by data from CME and charting platform TradingView. The contract commenced at $95,000 today, marking an increase of $9,280 from Friday’s peak of $85,720.
The gap highlights a non-traded area, signifying a price range where no transactions were made between the trading sessions. This lack of trading reflects a significant shift in market sentiment, which is bullish following the sell-off experienced last week.
Typically, gaps are filled as traders aim to restore equilibrium after such disruptions. A notable instance is the previous week’s decline below $80,000, which addressed the gap from November.
Thus, the formation of a new gap between $84K and $94K implies that prices may revisit this range again.
